Steel shipments fell 11.9% in November, the most recent month for which data was available, but prices remain on the upswing.
Steel shipments fell 11.9% in November, the most recent month for which data was available, but prices remain on the upswing.
U.S. steel mills shipped 6.75 million tons of steel in November, which was up 0.1% from the 6.74 million tons shipped in October but down double digits as compared to the 7.66 million tons shipped during November 2019, according to the American Iron and Steel Institute.
American steel mills, including those along the shore shore of Lake Michigan in Northwest Indiana that account for nearly half the nation's integrated steelmaking capacity, shipped 73.95 million tons of steel through the end of November, a 16.1% decline year-over-year as compared to the first 11 months of 2011.
In November, shipments of cold rolled sheet were up 4%, while hot rolled sheet shipments were flat and hot dipped galvanized sheet and strip down by 2%, according to the Washington D.C.-based trade association.
Shipments are a key metric of the financial health of the steel industry, as they reflect the amount of metal actually sold to customers.
Steel prices continue to soar, especially after Cleveland-Cliffs acquired ArcelorMittal USA and AK Steel in the latest round of consolidation in the industry that gives the remaining steelmakers more leverage.
The price of hot-rolled band shot up 11% to $1,048 a ton in December, according to the steel pricing website SteelBenchmarker. The price of cold-rolled coil rose 2% to $1,101 a ton. Standard plate was up 12% to $868 a ton.
